New Square Loan in 2024

[SPPhotography1]

I’m at a bit of a loss for what else I need to do to be offered a new Square Loan at this point. I’ve been with Square for over 10 years, had 7 loans now that I’ve have paid back early every single time. Metrics are all in green, record sales year. In 2023, record numbers across the board, no refunds, no complaints or issues of any kind in our entire history. Current loan is 80% paid off, but no new offer in site. This is the kind of stuff that causes businesses to find someone else to process through! Please help! I’m sure I’ll get the same old excuses that you guys send to everyone about looking at every aspect of the business. But there isn’t a single aspect that isn’t way up. I’m not sure if there is a new process they are using now, or if there is some kind of issue with my banking or something else I’m not thinking about or aware of. Any help would be much appreciated. Thanks, because I could really use some new capital to start the year off with and reinvest into my business!

[ThePlantDealer]

So the waiting begins.... Hit 75% a week ago and now I'm currently at 77%. Last two loans came right at 75% this year and seeing other comments on here saying they don't get an offer until higher percentage is paid or loan is paid off is depressing. Business has been super slow in September and I could use a bit of a boost for new inventory. Finger crossed. 

[Hotbear1]

Square loans has become a joke have you guessing about a loan when you have been nothing but your best to them!!!!! Please don’t count on these loans you will find yourself in a hole depending on them!!!!!! They don’t care how fast you pay them back  customers doesn’t matter to them at all 

[Koleen1234]

Is anyone using clover? I know they offer loans

[MommaRavs]

I Have paid mine since July. Everthing looks good and still nothing. Had 7 loans with them and definitely needing funds for extra capital. So sad that square is doing this to us. 

[Healthyketo]

I’m on the same boat been paid off since June 28th everything good and still no offer! 

[Jjpainting]

Well I’m about to find out if pipe has any impact on square loans. Was just offere a loan with square  still no where where I wanted to be at but it’s better than the $6300 before. They offered $9700 (about 6% of yearly sales). I’ll keep everyone posted if it gets approved 

[Healthyketo]

Congrats! I hope you get approved! This is your second all within the time I’ve been waiting! 🙏🙏🙏 I hope I get one soon! 

[Jjpainting]

Approved in a few min as usual 😁. That was much needed with all my crap going on. 

[CTC18]

What percentage was your current loan at? I tried scrolling back but couldn’t find it.

[Jjpainting]

Sorry. Missed this response. I was at 74 or 75% paid back. But my processing  volume and frequency were way up. The average month I process about 12 payments, I had 26 or so processed by card during 30 days prior to this offer. But I was anticipating on an offer at a lower percentage than my last offer. The offer prior to this one came in at 91% paid off and that loan was $14,700 and the next offer was only $6300 with sales up 25-30%. The new offer was $9700 with about $1700 of it used to pay prior loan

[Twpchair]

Ugh, it's so hard to try and figure it out with offers I gave up! People ask me all the time do you think it will double? I said most go up 1-4k or down. I just don't see but 1 or 2 that get 20-30k but they used to get double that amount as well. 

[Healthyketo]

Mine was 11k down from last offer. It was literally like they had started me over as if it was my very first loan from them. Had been paid off for so long. 

[Twpchair]

Congrats! I  know not the amount you wanted but it was needed!

[MommaRavs]

What is a Pipe loan?

[Twpchair]

SMH, you are extremely puzzling to me. I don't know what it is. You can't tell me it is the algorithm after so long it's got to be something else. There have been a couple of people who were like you (one close to a year) and another 6-7 and they started emailing at the bottom of the loan page is the happy and frown face and they laid out what was going on. They read them because both got a reply and a Rep assigned to their account and there was a flag on their account. The rep stepped up and got them to drop off the red flag and back into the system and not hold me to it but I believe the one in 2-3 weeks got an offer much lower but paid off in a few months and boom another offer and larger. There has to be something somewhere you have no clue about that is caught up somewhere. I saw one guy post he was caught up over an EIN number! Apparently, they sent a message asking for it and something else to complete his last offer about 9 months ago, and he said he never received it or he would have sent it asap! That put up a flag. Once he called and did the bottom frown they reached out and showed him the message from months ago and he sent it in. A month later new offer came in. 

[Jjpainting]

Omg. I can’t believe that you still have not had an offer. I honestly forgot all about your situation and I just figured you out of all of us would have had an offer by now.  You were paid off a month before I got my last offer, and now I’m 70% paid off on that loan and here you are still with nothing.  Someone like you deserves an answer as to why there so called “algorithm” hasn’t given you an offer yet. Like I would ask if you violated their terms by doing like a cash advance or something, but that has no baring on an offer…anything that would violate any terms of theres, even unknowingly still gets offers I think. But there loan application would just be denied. And I’m sure you have reached out to them a million times hoping you get a lucky associate that can provide you some type of reasoning for not receiving an offer, but I honestly don’t think their associates know or could provide a reasoning for this.  You would think there would be a way for a human to do an override on their algorithm for instances like you who have had multiple loans and no offer after over three months.  I totally get that due to the massive amount of loans given out, it has to be done by computer, but there comes a point where if you are 100% paid off for this long, and unless business has been declining for the past couple years, there should be a way for them to do something or provide some type of reason for you.  I probably would have given up after one month and switched to clover or stripe by now lol. I remember during the time I was signing up with square a couple years ago. I actually created an account with all major card processing apps/sites. I wasn’t aware or even thought that they offered loans.  I was only looking at which one was the easiest for me to use and my customers to use when paying the invoices I send them. And the interface of squares was by far the best in my eyes. 

[Twpchair]

I agree 100% definitely caught up in the system somewhere. Most I've seen is over an email they didn't see asking for info like an EIN a bill in the business name or a bank statement in the business name or associated with it type thing. Unfortunately, if you didn't get it or thought it was junk and deleted it you don't know! You will have to do some hard digging to get to that human and you are right the call center is just that a call center! They have limited access to your information and here comes the script. It is getting to the right rep who will listen and patch you through. Anymore it's like every business I have to call smh. No answers, can't help you and rushed off the phone. I hang up and wait 30 minutes call the next one and repeat until someone will listen to me. Blue Cross and I have a love/hate relationship 😆 we go rounds now about every 4 months now. 

[B-dot]

Heads up, I just got a loan offer from Square.  74% paid, offer made at 11 pm.  It was for $1000 more than the previous loan offer.

I'm based on Canada, and Pipe is not an option here.  I used BizFund before.  Great service, they work with you.  Loan starts small, but top ups at 60% all the time.  I know not everyone gets approved, but they are very transparent....thought I would mention.

[BeeBraids]

Oh good! Congratulations you just gave so many people watching this thread hope!

[Twpchair]

Congratulations and thank you! There are some from Canada and England looking for companies like Pipe but more universal. Great to hear!

[maryanngregg]

Never had to wait past 80% paid before, until now. Used Square and only Square for the last 10 years. Not 1 dispute in those 10 years, never 1 chargeback in those 10 years. Have been green the entire time. This year Square has been down more than any other year, yet I still keep using only Square. 
I wish they looked at who helped them become who they are, and helped us out when it’s time to grow and expand, when it’s obvious by the numbers they see, processing our sales for us. 
The PayPal thing bothered me, as I want my customers to use whatever means they feel comfortable with. The new sale of *no employee kiosk* isn’t for me, as I want the interaction with my customers, to make their buying experience personal with my shop. I feel like Square isn’t personal anymore, and maybe it’s time for a change.